IMF funds alone will not solve the crisis - Ali Sabry

COLOMBO (News 1st) - Sri Lanka's debt restructuring process have almost reached the final stages, said the country's Foreign Minister Ali Sabry, PC on Monday (28) in Parliament.

"The only thing that is holding us back is the debt assurance letters from all the creditors, particularly the Paris Club, which includes Japan and the Western Countries, India, and China," he said, adding that he believes both India and China will deliver their debt assurances.

He said that Sri Lanka would be able to meet with the IMF in December or January 2023 and obtain board approval for the US $2.9 Billion facility.

"That money alone will not solve the problem. It is about the confidence. The entire country, and the financial markets, will become confidence about Sri Lanka," he said.

The Foreign Minister also said that the Asian Development Bank, World Bank, had lined-up funds for Sri Lanka while the  Asian Infrastructure and Investment Bank has also shown interest to support Sri Lanka.

He said with this support, Sri Lanka will be able to overcome this critical period. 

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